On Monday, July 17, 2023, Cathie Wood-led Ark Invest made several notable trades, with the most prominent being the sale of 45,184 shares in Tesla Inc (NASDAQ:TSLA), valued at approximately $13.12 million as of Monday's closing price of $290.38. The sale was made through the Ark Innovation ETF (NYSE:ARKK) and ARK Next Generation Internet ETF (NYSE:ARKW).
This move comes amidst a series of purchases in Meta Platforms Inc (NASDAQ:META), with Ark Invest buying 4,184 shares, valued at nearly $1.3 million at the stock's closing price of $310.62 on Monday. Wood added the shares of the Mark Zuckerberg-led company through the Innovation and Next Generation ETFs respectively.
The Tesla Trade
Ark Invest sold a significant number of the Elon Musk-led company's shares, continuing a trend despite the EV maker's stock strength in recent sessions.
This move comes after Tesla reported stellar second-quarter deliveries and analysts expressed confidence in further growth in the second half of the year.
Despite the sale, Ark Invest remains bullish on Tesla's long-term prospects, particularly in the realm of AI. Ark analyst Frank Downing recently predicted that Tesla's AI training capacity will likely grow at a compounded annual growth rate of 273% from 2021 to 2024, potentially enabling Tesla to be the first to roll out a nationwide autonomous taxi platform. Read more about the Tesla trade here.
See Also: Cathie Wood Has New Price Target For Tesla Stock As Ark Models Nearly 1,230% Upside
Other Key Trades:
- The Ark Fintech Innovation ETF (NYSE:ARKF) bought 15,702 shares of Twilio Inc (NYSE:TWLO).
- The fund also purchased 4,608 shares of SoFi Technologies Inc (NASDAQ:SOFI).
- ARKF acquired 25,641 shares of Robinhood Markets Inc (NASDAQ:HOOD).
- The Fintech Innovation fund sold 76,788 shares of Coinbase Global Inc (NASDAQ:COIN).
These trades reflect Ark's ongoing strategy of investing in innovative companies, while also adjusting its holdings based on market trends and company performance.
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